KEY FINDINGS

Unrefined petroleum is often termed as crude oil. By employing processes such as fractional distillation, crude oil can be processed to obtain non-renewable fuels like kerosene, petrol, diesel, etc. Over the forecast period of 2018-2026, the global crude oil market is likely to register a healthy CAGR of 3.18%.

MARKET INSIGHTS

Factors such as the flourishing transportation industry, growing demand for petroleum products and growing import and export of crude oils are driving the global crude oil market. Overall, this market is segmented on the basis of applications and types. Crude oil often finds its application in the production of gasoline, diesel fuel& heating oil, jet fuel, LPG, asphalt and other applications. The market segment by type is sub-divided into light crude oil and heavy crude oil.

REGIONAL INSIGHTS

The regional segmentation of the global crude oil market is done into North America, Asia-Pacific, Europe and rest of the world. In 2017, Asia-Pacific accounted for the highest share of the global crude oil market. Market drivers like the strategic alliance between countries to promote oil exploration activities within the region and improving vehicle sales are expected to contribute to the growth of the APAC crude oil market.